World oil prices have fallen

Tengrinews.kz – Global oil prices are falling amid reports that the United States and Iran are moving closer to a peace agreement. Brent crude has dropped to $98 per barrel.

July futures for Brent crude on London’s ICE exchange fell by 4.87 percent to $98.49 per barrel, according to trading data as of 8:00 a.m. Astana time.

July futures for WTI crude fell by 5.06 percent to $91.71 per barrel.

As a reminder, on May 23, it became known that the United States and Iran had largely completed negotiations on a memorandum of understanding as part of a peace agreement, under which the Strait of Hormuz — a passage through which one-fifth of global oil and liquefied natural gas supplies passed before the conflict — would be reopened.

However, the parties still disagree on a number of complex issues. On May 24, Trump said that U.S. talks with Iran were “orderly and constructive,” but that both sides needed to “get everything right” to avoid mistakes.

Meanwhile, media reports say the United States and Iran have reached a framework deal that provides for the opening of the Strait of Hormuz, as well as Tehran’s commitments to dispose of its stockpiles of highly enriched uranium.